$93.7m Fintech: SystemSpecs, South Sudan Firm Signs MoU

• $93.7m Fintech: SystemSpecs, South Sudan Firm Signs MoU

As part of its focus on deepening intra-African Trade, AfreximBank has facilitated the signing of a Memorandum of Understanding between a Nigerian financial technology firm, SystemSpecs, and Trinity Technologies of South Sudan at the ongoing Intra-African Trade Fair 2018 in Cairo, Egypt.

In a statement on Thursday, the Executive Director, SystemSpecs, Deremi Atanda, who signed the MoU on behalf of the company, noted that the MoU provided an opportunity for the collaboration to create value of about $93.7m through the deployment of SystemSpecs’ Remita financial technology solution and services in partnership with Trinity Technologies for the processing of payroll for organisation, payments and revenues collection.

He said the MoU also covered the provision of national switching and settlement infrastructure and a multi-channel payment gateway for the entire financial industry in South Sudan.

“The collaboration will be extended to cover the provision of biometric-driven payroll technology for public and private sector salary processing and the development of data verification and referencing system,” he added.

The Managing Director, Afreximbank Intra African Trade, Mrs Kanayo Awani, said, “We are glad to be the facilitator of this landmark deal between two financial technology organisations in Africa.”

According to the statement, Trinity Technologies Limited is a South-Sudan fintech firm specialising in the design and development of innovative financial services, online transactions, mobile payment systems and innovative solutions for commercial banks in the country.

It said the Managing Director, SystemSpecs, John Obaro, would address the global audience on blockchain solutions for Africa at the seven-day event in Egypt.